PFPWXParnassus Value Equity Fund

Institutional Shares
  • Fund assets
    $5,153M
  • Fund strategyU.S. Large-Cap Value
  • NAV as of 06/09/2026$62.65
  • NAV change from prior day$+0.48
  • YTD return as of 06/09/2026+12.26%
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3 Reasons to Own the Parnassus Value Equity Fund 3 Reasons to Own the Parnassus Value Equity Fund

HIGHLIGHT

3 Reasons to Own the Parnassus Value Equity Fund

Investing in undervalued businesses can offer long‑term rewards, but the real challenge is separating true value from companies whose low valuations signal deeper structural issues. 

Overview

The Parnassus Value Equity Fund offers a high-conviction portfolio of approximately 40 to 45 U.S. large-cap stocks that are poised to rise but are temporarily out of favor relative to their history or peers. 

Key Differentiators

  • Broad Opportunity Set: Looks beyond traditional value names for more opportunities to buy companies trading at relatively compelling valuations.
  • Quality Bias: Invests in companies with increasingly relevant products and services, durable competitive advantages, strong management teams and sustainable business practices that are likely to persevere through near-term challenges.
  • Asymmetric Risk/Reward: Favors companies with upside potential that outweighs downside risk, which may appeal to value investors seeking to avoid investments that appear to be bargains but have little growth prospects.

Risks

The Fund’s share price may change daily based on the value of its security holdings. Stock markets can be volatile, and stock values fluctuate in response to the asset levels of individual companies and in response to general U.S. and international market and economic conditions. In addition to large cap companies, the Fund may invest in small and/or mid cap companies, which can be more volatile than large cap firms. Security holdings in the fund can vary significantly from broad market indexes.

Fund Basics

Fund Objective
Capital appreciation
Fund Strategy
Large-Cap Value
Ticker
PFPWX
Fund Assets
$5,153M
CUSIP
701765406
Distribution Frequency
Annually
Inception Date
04/30/2015
Minimum Initial Investment
$100,000
Minimum Subsequent Investment
$50
Net Expense Ratio
0.65 %
Gross Expense Ratio
0.72 %
NAV as of 06/09/2026
$62.65
NAV Change from prior day
$+0.48

Portfolio Managers

Krishna Chintalapalli
Portfolio Manager, Senior Analyst
See Profile
Mark Zagata, CFA
Portfolio Manager, Senior Analyst
See Profile

Performance

Month EndQuarter End
As of 03/31/2026
Annualized Returns (%)
As of 03/31/20263 Month1 Year3 Year5 Year10 YearSince 04/30/2015
Parnassus Value Equity Fund Institutional Shares3 Month-1.511 Year19.823 Year13.995 Year7.8510 Year13.84Since 04/30/201512.67
Russell 1000 Value Index3 Month2.101 Year15.873 Year14.315 Year9.4310 Year10.58Since 04/30/20159.40


Calendar year returns

Created with Highcharts 11.0.0Total Return (%)21.68%​21.68%20.03%​20.03%-13.25%​-13.25%33.57%​33.57%27.72%​27.72%31.37%​31.37%-13.61%​-13.61%13.94%​13.94%12.27%​12.27%19.32%​19.32%17.34%​17.34%13.66%​13.66%-8.27%​-8.27%26.54%​26.54%2.80%​2.80%25.16%​25.16%-7.54%​-7.54%11.46%​11.46%14.37%​14.37%15.91%​15.91%Parnassus Value Equity Fund Institutional SharesRussell 1000 Value Index2016201720182019202020212022202320242025-20%-10%0%10%20%30%40%

Growth of $10,000as of 05/31/2026

Created with Highcharts 11.0.02010201520202025$0$50,000$100,000$150,000
Performance data quoted represent past performance and are no guarantee of future returns. All performance assumes reinvestment of dividends and capital gains. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. For the most recent month-end performance, please select the monthly tab at the top of the page. The Parnassus Value Equity Fund - Institutional Shares were incepted on April 30, 2015. Performance shown prior to the inception of the Institutional Shares reflects the performance of the Parnassus Value Equity Fund - Investor Shares and includes expenses that are not applicable to and are higher than those of the Institutional Shares.

Last 5 fund distributions

Distribution TypeRecord DateEx/Payable DateDividend RateNav Price Per Share
Distribution TypeIncome DividendRecord Date12/18/2025Ex/Payable Date12/19/2025Dividend Rate$0.5385Nav Price Per Share$55.40
Distribution TypeShort-Term Capital GainRecord Date12/18/2025Ex/Payable Date12/19/2025Dividend Rate$0.1516Nav Price Per Share$55.40
Distribution TypeLong-Term Capital GainRecord Date12/04/2025Ex/Payable Date12/05/2025Dividend Rate$6.1843Nav Price Per Share$55.97
Distribution TypeIncome DividendRecord Date12/19/2024Ex/Payable Date12/20/2024Dividend Rate$0.6631Nav Price Per Share$52.76
Distribution TypeShort-Term Capital GainRecord Date12/19/2024Ex/Payable Date12/20/2024Dividend Rate$0.1909Nav Price Per Share$52.76

Commentary


  • 1Q26 Parnassus Value Equity Fund Commentary

  • 1Q26 Parnassus Value Equity Fund Quarterly Portfolio Update

Characteristics

Sector Weights as of 03/31/2026

Created with Highcharts 11.0.07.6%​7.6%4.7%​4.7%4.4%​4.4%0.0%​0.0%29.0%​29.0%15.5%​15.5%12.3%​12.3%16.2%​16.2%2.2%​2.2%3.1%​3.1%4.2%​4.2%0.8%​0.8%7.9%​7.9%7.3%​7.3%7.5%​7.5%7.7%​7.7%19.9%​19.9%11.7%​11.7%13.2%​13.2%11.9%​11.9%4.4%​4.4%3.9%​3.9%4.7%​4.7%0.0%​0.0%Communication ServicesConsumer DiscretionaryConsumer StaplesEnergyFinancialsHealth CareIndustrialsInformation TechnologyMaterialsReal EstateUtilitiesCash and Other0%5%10%15%20%25%30%35%Parnassus Value Equity Fund Institutional SharesRussell 1000 Value Index

Fund information is not intended to represent future portfolio composition. Weightings are based on percent of total net assets, are subject to change and should not be considered a recommendation to buy or sell any securities. Percentages may not total 100% due to rounding.

Top Holdingsas of 05/31/2026

Alphabet Inc., Class A
4.9%
Micron Technology Inc.
3.6%
The Bank of New York Mellon Corp.
3.5%
JPMorgan Chase & Co.
3.3%
Advanced Micro Devices Inc.
3.0%
Verizon Communications Inc.
3.0%
Taiwan Semiconductor Mfg Co Ltd., ADR
2.9%
Amazon.com Inc.
2.9%
Microsoft Corp.
2.8%
Coca-Cola Co/The
2.8%
Total
32.7%
Full Monthly Holdings

Quarterly Performance Contributorsas of 03/31/2026

Security NameTotal Return of the Holding (%)Contribution to the Portfolio Return (%)
Security NameDeere & Co.Total Return of the Holding (%)21.34Contribution to the Portfolio Return (%)0.67
Security NameVerizon Communications Inc.Total Return of the Holding (%)25.39Contribution to the Portfolio Return (%)0.60
Security NameWestern Digital Corp.Total Return of the Holding (%)57.09Contribution to the Portfolio Return (%)0.54

Quarterly Performance Detractorsas of 03/31/2026

Security NameTotal Return of the Holding (%)Contribution to the Portfolio Return (%)
Security NameS&P Global Inc.Total Return of the Holding (%)-18.42Contribution to the Portfolio Return (%)-0.56
Security NameMicrosoft Corp.Total Return of the Holding (%)-23.28Contribution to the Portfolio Return (%)-0.51
Security NameCBRE Group Inc. CL ATotal Return of the Holding (%)-15.75Contribution to the Portfolio Return (%)-0.50

Fund Characteristics

As of 03/31/2026PFPWXRussell 1000 Value Index
Average Weighted Market CapPFPWX$507.5BRussell 1000 Value Index$370.4B
P/E RatioPFPWX21.3xRussell 1000 Value Index21.0x
P/B RatioPFPWX3.6xRussell 1000 Value Index2.9x
Number of HoldingsPFPWX45Russell 1000 Value Index867
Turnover (2025 Annual)PFPWX34.3%Russell 1000 Value IndexNA

Fund Statistics

As of 03/31/2026 (5 Year)PFPWXRussell 1000 Value Index
AlphaPFPWX-1.97%Russell 1000 Value Index0
BetaPFPWX1.05Russell 1000 Value Index1.00
R-SquaredPFPWX0.92Russell 1000 Value Index1.00
Sharpe RatioPFPWX0.26Russell 1000 Value Index0.41
Standard DeviationPFPWX16.00%Russell 1000 Value Index14.63%
Downside RiskPFPWX10.00%Russell 1000 Value Index9.08%
Tracking ErrorPFPWX4.49%Russell 1000 Value Index0
Active SharePFPWX78.84%Russell 1000 Value IndexNA
Upside Capture RatioPFPWX100.95Russell 1000 Value Index100.00
Downside Capture RatioPFPWX108.87Russell 1000 Value Index100.00
Explore the Parnassus Value Select ETF | PRVSExplore the Parnassus Value Select ETF | PRVS

Explore the Parnassus Value Select ETF | PRVS

Enhance your U.S. large-cap value equity allocation with our concentrated portfolio of highest-conviction, relative value stocks.

Learn MoreLearn More

Literature

Fund Documents


  • 1Q26 Parnassus Value Equity Fund Fact Sheet

  • 3 Reasons to Own the Parnassus Value Equity Fund

  • Parnassus Value Equity Fund Summary Prospectus

  • Parnassus Funds Statutory Prospectus

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© 2010-2026 Parnassus Investments, LLC.

PARNASSUS, PARNASSUS INVESTMENTS, and PARNASSUS FUNDS are federally registered trademarks of Parnassus Investments, LLC.

Important Information

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) GUIDELINES The Parnassus strategies evaluate ESG factors as part of the investment decision-making process, considering a range of impacts they may have on future revenues, expenses, assets, liabilities and overall risk. The strategies also utilize active ownership to encourage more sustainable business policies and practices and greater ESG transparency. Active ownership strategies include proxy voting, dialogue with company management, sponsorship of shareholder resolutions, and public policy advocacy. There is no guarantee that the ESG strategies will be successful.

Mutual fund investing involves risk, and loss of principal is possible.

Earnings Growth is not a measure of future performance.

Shares of the Funds are offered only for sale in the United States. The Funds are not registered for sale in any other country. Nothing on this site should be considered a solicitation to buy or an offer to sell shares of the Funds in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such foreign jurisdiction or the United States.

For the current holdings of the Parnassus Core Equity Fund, the Parnassus Growth Equity Fund, the Parnassus Value Equity Fund, the Parnassus Mid Cap Fund, the Parnassus Mid Cap Growth Fund, the Parnassus International Equity Fund, the Parnassus Core Select ETF, and the Parnassus Value Select ETF, please visit each fund’s individual holdings page. Fund holdings are subject to change at any time.

ETFs are subject to additional risks that do not apply to conventional funds, including the risks that the market price of an ETF's shares may trade at a premium or discount to its net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange in which they trade, which may impact an ETF's ability to sell its shares. Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the ETF. Brokerage commissions will reduce returns.

For current quarter-end standardized performance and disclosure information, please click here.

Performance data quoted represent past performance and are no guarantee of future returns. Current performance may be lower or higher than the performance data quoted. Current performance information to the most recent month end is available on the Parnassus website (www.parnassus.com). Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original principal cost.

Before investing, an investor should carefully consider the investment objectives, risks, charges and expenses of a fund and should carefully read the prospectus or summary prospectus, which contains this and other information and can be found in our Literature and Forms section or by calling (800) 999-3505 for a mutual fund prospectus or (855) 514-4443 for an ETF prospectus.

The Parnassus Funds are distributed by Parnassus Funds Distributor, LLC.

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